Infor LN & Baan Tip of the Week: Year End
Year-End is always a busy time!
So busy that it's easy to forget things that must be done in your ERP system to close out the year properly and set you up for a good start to the following year. Here are some things to add to your to-do checklist.
The year-end close process provides an opportunity to:
- Remove discontinued items.
- Remove sold purchase receipts.
- Remove lot attributes for sold lots.
- Update standard cost based on current cost field. (for environments without Manufacturing only)
Prepare for Year-End Close
- Conduct full physical inventory and update quantities before actual year-end or establish a strong cycle-counting program.
- Check for any applicable sales and purchase invoices/returns and post.
- Prepare users for a year-end push to complete all year to date inventory adjustments, receipts, and invoicing.
- Determine how to handle new year transactions without posting.
- (Manufacturing) Determine what new standard costs should be entered for the upcoming year.
- (Manufacturing) Discuss cutoff dates for removing Archived BOMS and Closed/Canceled Mfg Orders.